What’s a College Degree Really Worth?

A United States Department of Labor survey conducted a few years ago revealed that full time employees at least twenty-five years old earn an average of about $675 a week. Not surprisingly, salaries were tied to educational levels, with workers who had not completed high school averaging $396 weekly, high school graduates with no college earning about $560 a week, and college graduates averaging weekly salaries of just under $1,000.

College graduates with an undergraduate degree only had median weekly earnings of $926, while those with an advanced degree had median earnings of $1,149.

Other studies have determined that the income differential by educational attainment is even higher, with college graduates earning almost a million dollars more than high school graduates during their working lives. And, it seems likely that education level will have an even greater influence on earning power in the future.

The Washington Research Council predicts that, “higher education will become increasingly important for landing high paying jobs”, and that good jobs will require higher and higher levels of education in the future.

Furthermore, in our increasingly competitive global economy, it seems highly likely that workers with bachelors, masters, professional, and doctoral degrees will suffer less unemployment and be less adversely impacted by the rise of economies overseas and the continued outsourcing of jobs. Yet, higher paying jobs and increased job security are not the only career-related rewards of higher education.

Would you be surprised to learn that college graduates are the group of workers most satisfied with their jobs? If you think about it, you’ll realize they are more likely than others to qualify for advancement, change employers, or move from one career to another. In other words, they are more likely than others to choose their jobs and careers, and make changes if they are unhappy with either. So, it’s no surprised they are happier than other workers whose choices may be limited.

All available evidence points to the conclusion that bachelors and graduate degrees open the doors to substantially higher earnings, increased employment options, job advancement and job satisfaction. As more employers seek educated workers, as more workers realize the benefits of education, and as financial aid has become available to traditional college students and adults seeking online degrees, the number of college students, including working adults, continues to soar.

The world is changing faster than it ever has in human history. Workers and employers must be able to learn new skills, adapt to new technologies, and meet the challenges of the global economy. To survive, and to prosper, a good education is more important than ever.

Daniel Kane has written dozens of articles on education. Among his websites are one on the top ten online colleges, and another on online degree programs.

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